Looking for starter plane

"Dude" wrote in message
...

Most things that people pay interest on, they shouldn't. That's because they
would often save money and make a wiser choice by buying cash. If you can't
afford the luxury of a new car, then buying a used one is likely a better
choice.

I did that most of my life, and that is why I can now afford the luxury of
a new one every now and then. l compromize by using a healthy down payment and
maximum 36-month financing.

They are pretty much disposable items in the end. As far as furniture and
other items go, you are likely upside down in them as soon as you start making
payments - and the rates are usually stupid.

I agree.

Houses are different, the cost of buying and selling is just too much. Buying
a house with over 20% down that you can afford to pay for is usually a wise
decision so long as you buy right, and expect to live there for 5 plus years.
Often, renting and saving will not get you there, and in the meantime, the
house you wanted has likely appreciated.

Bingo! In my county, the average home went up 36% last year. In that type
of market ther is no way to "save" yourself into a house. You just have to
somehow get up a down payment and then jump on that elevator.

Now, for airplanes. You can buy an older plane and usually get back most of
the money you spend to buy it. What you are out is anything you put into it
to to bring it up to standard, fuel, maintenance, engine time, insurance, and
INTEREST. Yes, you can avoid INTEREST. But, planes are like houses more than
like cars or other items.

Save money; rent.


Vaughn

Save money; rent.


Vaughn

Ya, I heard the old saw the other day:

If it flies, floats, or f(ornicates) its cheaper to rent.

Normally, I laugh and agree, but this time I couldn't think that there was
something wrong with that advice. Then it came to me. In all three cases,
what the guy who rented it last did to it may kill you!

Is it worth the savings?

"Dude" wrote in message
...

Save money; rent.


Vaughn

Ya, I heard the old saw the other day:

If it flies, floats, or f(ornicates) its cheaper to rent.

Normally, I laugh and agree, but this time I couldn't think that there was
something wrong with that advice. Then it came to me. In all three
cases, what the guy who rented it last did to it may kill you!

Is it worth the savings?


No that's the truth!!! Well stated!!!!

"Dude" wrote in message
...

Save money; rent.


Vaughn

Ya, I heard the old saw the other day:

If it flies, floats, or f(ornicates) its cheaper to rent.

Normally, I laugh and agree, but this time I couldn't think that there was
something wrong with that advice. Then it came to me. In all three cases,
what the guy who rented it last did to it may kill you!

Of course, that is also true (albeit to a lesser extent) when you buy any
used aircraft. Even a good prebuy can't catch everything that has been done to
the plane over the last several decades. Also, nasty things have been known to
happen to parked, unwatched, airplanes; though a good preflight will catch most
of them.


Is it worth the savings?

So far

Vaughn

Is it worth the savings?

So far

Vaughn



LOL! Enjoy it while it lasts

Thanks for the replies!

An update:

It turns out that I can actually scrounge up about 30-35K. Before this
conversation, I might have automatically upgraded my sights to a
Cherokee, but the decision bears some thought.

Having extra cash in hand to cover unanticipated costs in the
beginning/whenever sounds like a good idea.

I understand the financing logic, and I use the same advice on the
properties I own (if I saved up until I could buy them outright, I'd
never buy them, and it'd be a bad investment of capital that could be
doing other things, etc), but I still have a hard time applying the
same model to airplanes. Sure, I'd love to have a Piper Cherokee four
seater with an IFR stack, in panel GPS, seat warmers, etc.... but I
_really_ hate debt load for 'doodads' (I'm sure some people in the
group will pick up on where I'm coming from based on that).

I've spent the last few years getting rid of soft debt (credit cards,
car payments, etc) and replacing them with capital debt (like my house,
investment properties, etc) and the number of actual payments I make
per month is down to the basics. It's not just the interest that gets
me, it's also the safety factor. I've been folding everything around
the concept of being self-sustaining in case I lose my job/medical
problems/economic downturn etc. Right now, if I stopped working for
the company I work for, I could still cover my bills and downshift to
an economy mode using my passive income. It wouldn't be great, but I'd
survive. I don't necessarilly think that WILL happen, but I'm working
real hard to avoid having monthly expenses that would push me into the
red in that contingency, and the payments on a nice plane fall into
that category. If I can buy a plane outright, I don't leave my little
financial safety zone.

I know, it sounds crazy. In another time, I might be the guy who
builds a big bomb shelter in the back yard, but for now.... I wanna
fly without having a 'car payment'.

I'm going to go pick up a copy of 'Buying and owning your own airplane'
(http://www.amazon.com/exec/obidos/tg...books&n=507846)
and do some worksheets.

Sounds like you have it all well though out. Hope your deal works out
great, and you have a lot of safe flying fun!





"Ben Hallert" wrote in message
oups.com...
Thanks for the replies!

An update:

It turns out that I can actually scrounge up about 30-35K. Before this
conversation, I might have automatically upgraded my sights to a
Cherokee, but the decision bears some thought.

Having extra cash in hand to cover unanticipated costs in the
beginning/whenever sounds like a good idea.

I understand the financing logic, and I use the same advice on the
properties I own (if I saved up until I could buy them outright, I'd
never buy them, and it'd be a bad investment of capital that could be
doing other things, etc), but I still have a hard time applying the
same model to airplanes. Sure, I'd love to have a Piper Cherokee four
seater with an IFR stack, in panel GPS, seat warmers, etc.... but I
_really_ hate debt load for 'doodads' (I'm sure some people in the
group will pick up on where I'm coming from based on that).

I've spent the last few years getting rid of soft debt (credit cards,
car payments, etc) and replacing them with capital debt (like my house,
investment properties, etc) and the number of actual payments I make
per month is down to the basics. It's not just the interest that gets
me, it's also the safety factor. I've been folding everything around
the concept of being self-sustaining in case I lose my job/medical
problems/economic downturn etc. Right now, if I stopped working for
the company I work for, I could still cover my bills and downshift to
an economy mode using my passive income. It wouldn't be great, but I'd
survive. I don't necessarilly think that WILL happen, but I'm working
real hard to avoid having monthly expenses that would push me into the
red in that contingency, and the payments on a nice plane fall into
that category. If I can buy a plane outright, I don't leave my little
financial safety zone.

I know, it sounds crazy. In another time, I might be the guy who
builds a big bomb shelter in the back yard, but for now.... I wanna
fly without having a 'car payment'.

I'm going to go pick up a copy of 'Buying and owning your own airplane'
(http://www.amazon.com/exec/obidos/tg...books&n=507846)
and do some worksheets.